5 ways to keep your crypto safe
Today, more than 200 million people in the world use cryptocurrencies. That’s nearly 150 % increase between 2018 and 2021.We have seen more people adopt the idea of digital assets.
However, malicious attacks from hackers are also on the rise and most people seem to be negligent about it. I mean what’s the use of investing in cryptocurrencies if you are not making plans to keep them safe.
Here are 5 ways to keep your digital assets safe.
- Have multiple wallets: In the crypto space, there are investors, traders and Airdrop hunters. If you are involved in more than one area. It’s advisable to have a separate wallet for each of them. Also, keeping a sizeable amount of crypto in different wallets is risk management in case you lose your private keys or get hacked.
2. Use a strong password: This cannot be overemphasized. One of the common ways hackers can get into your wallet is by guessing your password. When you are prompted to create a password don’t use something simple like “12345” or “your name”. It’s more vulnerable to attacks. I’d advise you use upper cases and lower cases letters, symbols to create your password.
P.S: you can write it down or create an acronym so you don’t forget it!
3. Software Updates: If you use a hot wallet like I do, there are regular updates by the developers to fix bugs. I recommend doing that regularly to protect your data and keep your coins safe.
A hot wallet is a wallet connected to the internet. Eg Metamask, Trust Wallet, Coinbase Wallet.
4. Get a cold wallet: A cold wallet is one that’s not connected to the internet. form of cold storage is a user’s private and public keys stored on a hardware device like USB. Here, the risk of your coin getting stolen via the internet is reduced. It’s also easily accessible. Eg of cold wallets are Trezor and Ledger nano.
5. Beware of phishing links: Over 91% of security breaches start with phishing attack. They create links that lead to fake websites in order go get access to your data. You must be very careful not to put your information on any website out there.
Extra tips to spot phishing links
○ Access the content on the site: little mistakes such as grammatical errors, low-resolution images and absence of a “contact us” are red flags.
○ Double check the URL before clicking on it.
○ Any website that’s urging you to confirm personal information is 98% a phishing attack.
Nevertheless, it’s your responsibility to keep your cryptocurrencies safe. Following the above steps will guide you.
